Ontario property assessment notices should be in your hands
In Ontario assessment notices for multi-residential properties (properties with seven units or more) were mailed on October 18. Those assessments will be used by municipalities to calculate property taxes for the 2017-2020 property tax years.
Once property owners receive their notice, they can logon to aboutmyproperty.ca to learn more. This self-serve website offers information tailored to the unique needs of multi-residential property owners at no cost, including:
- Basic information for up to 100 properties such as address, property description, lot size Current Value Assessment and sales indicator.
- An enhanced property profile report that provides the valuation and property-related information unique to multi-residential properties.
- Enhanced property profiles for up to 24 properties that you believe to be comparable to yours.
- A Methodology Guide that explains the assessment methodology MPAC used to value multi-residential properties for the 2016 assessment update and reflects appraisal industry standards and best practices.
- A Market Valuation Report that explains how the relevant methodology has been applied to multi-residential properties.
- General market trends for multi-residential properties.
Visit www.mpac.ca or www.aboutmyproperty.ca for more details.
For more information, including a Canada-wide comparison, watch for the article on property assessments and taxation in the forthcoming issue of RHB Magazine.